Tax Pros – Wait to send your next 433-A to the IRS! The IRS Collection Financial Standards have been updated for 2023!
The IRS changed when they release the updated Collection Financial Standards in 2022 to April.
The have released the new numbers and you may want to take a look at this before you submit your next 433-A. Be sure that you compare this to the numbers on your 433-A to your Tax Resolution software.
Here are some highlights of the new numbers
Food, clothing and miscellaneous – 1 person $841, 2 people $1,389 (2022 numbers were $788 and $1,410)
Health care – $79 under 65; $154 over 65 (2022 was $75 and $150)
Housing – my county of Brevard, FL increased over $200 for 1 person. (I would expect to see this increase in most areas)
Transportation – Ownership 1 car $629, 2 cars $1,258 (2022 $588 (1) car; $1,176 (2) cars)
Operating – NE – $298, MW – $225, SE – $242, W – $264; very minimal to no increase in these numbers.
Again, please be sure to make sure your tax resolution software is up-to-date and recalculate the numbers for cases you have open. You could possibly reduce the available net for them by at least $325 or more just by using the new numbers.
Hope you guys have recovered a little since tax season.
Dan Henn, CPA, CTR™, NTPI Fellow